Naira swap: Boko Haram activities in the North-East has reduces: Army

BY: News Peddlers 

Major General Ibrahim Ali

Maj.-Gen. Ibrahim Ali, Theatre Commander of the North-East Joint Task Force, Operation Hadin Kai (OPHK), has stated that the Central Bank of Nigeria's (CBN) naira swap and cashless policy has reduced violent extremism in the North-East.

On Tuesday in Maiduguri, Mr Ali spoke with members of the Nigerian Union of Journalists (NUJ), Borno state council.

The policy, according to the commander, is a positive step that has reduced terrorist activity since its inception.

"Terrorists exposed to harsh living conditions have resorted to kidnapping, demanding cash ransoms, and requesting food from their victims," he said.

He claimed that the terrorists had also used social media propaganda in their desperate attempt to stay relevant.

The Central Bank of Nigeria (CBN) introduced redesigned 200, 500, and 1,000 naira notes into the financial system on October 26.

The CBN set January 31 as the deadline for the phase-out of the old notes.

However, since the notes were unveiled on December 15, Nigerians have struggled to obtain them from banks and ATMs (ATMs).

This made the CBN extend its deadline to February 10.

A Supreme Court order issued on February 8 restrained the apex bank from going ahead with its policy of ending the use of the old notes on February 10.

President Muhammadu Buhari, on the other hand, extended the acceptance of the old N200 bill as legal tender for the next 60 days on February 16.

He ruled out the legalisation of the old 500 and 1000 naira notes.

(NAN)